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Selective Survey Finds Majority Of Small Businesses Lack Cyber Insurance Coverage

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Small Businesses Indicate Growing Concern about Cyber Risk as a Result of COVID-19, Yet Few Have Coverage

BRANCHVILLE, N.J., March 15, 2021 /PRNewswire/ -- A survey of small businesses conducted by Appalachian State University in coordination with Selective found that cybersecurity and technology issues were growing concerns for 44% of survey respondents due to the COVID-19 pandemic. Yet, only 20% of survey respondents have cyber insurance coverage.

(PRNewsfoto/Selective Insurance Group, Inc.)
(PRNewsfoto/Selective Insurance Group, Inc.)

The findings highlight an awareness gap among small businesses about the risks they face from cybercrime. Twenty-eight percent of data breaches impact small businesses, and phishing attacks account for over 30% of breaches, making them the biggest cyber threat for small organizations.1 Cyber coverage from Selective can help small businesses manage and mitigate risks with comprehensive coverage options and cyber threat education.

The survey was created and distributed by the AppR.I.S.E. (Risk Initiative for Student Engagement) program in the Walker College of Business at Appalachian State University in collaboration with Selective to gauge the insurance impact that COVID-19 has had on professional office small businesses in the United States.

"The pandemic has brought countless challenges to small businesses, including a pressing need to protect against cyber threats. With so many employees working from home and using cloud- and web-based applications and personal email accounts, it's a playground for cyber-attackers," said Mike MacMullin, Vice President, Small Business. "Small businesses need a concerted approach to mitigate the detrimental financial and reputational risks associated with a data breach – cyber insurance coverage is an instrumental first step."

Selective deploys a multi-faceted approach to help business customers manage and mitigate cyber risks through comprehensive coverage options and cyber threat education:

  • Security Mentor online training modules are accessible on the MySelective self-service portal and mobile app to help businesses and their employees build knowledge about cybersecurity issues and hone best practices to protect data assets.

  • Cyber Liability and Data Breach Response Coverage provides broad cyber liability insurance protection at an affordable premium to meet each business's unique needs, with a $50,000 aggregate limit option starting at a flat annual fee of $50.

For the survey, AppR.I.S.E. gathered responses from 369 anonymous respondents from July 7, 2020, to August 30, 2020. To learn more about this study and read commentary from subject matter experts at Selective, visit here.

About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. (NASDAQ: SIGI) is a holding company for ten property and casualty insurance companies rated "A" (Excellent) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including the Fortune 1000 and being named a Great Place to Work® in 2020. For more information about Selective, visit www.Selective.com.

About Appalachian State University
As the premier public undergraduate institution in the state of North Carolina, Appalachian State University prepares students to lead purposeful lives as global citizens who understand and engage their responsibilities in creating a sustainable future for all. The Appalachian Experience promotes a spirit of inclusion that brings people together in inspiring ways to acquire and create knowledge, to grow holistically, to act with passion and determination, and to embrace diversity and difference. Located in the Blue Ridge Mountains, Appalachian is one of 17 campuses in the University of North Carolina System. Appalachian enrolls more than 20,000 students, has a low student-to-faculty ratio and offers more than 150 undergraduate and graduate majors.

About the Walker College of Business
The Walker College of Business at Appalachian State University delivers transformational educational experiences that prepare and inspire students to be ethical, innovative and engaged business leaders who positively impact our community, both locally and globally. The college places emphasis on international experiences, sustainable business practices, entrepreneurial programs and real-world applications with industry. Enrolling approximately 3,000 undergraduates in 10 majors and 175 graduate students in three master's programs, the Walker College is accredited by AACSB International – the premier global accrediting body for schools of business. Learn more at https://business.appstate.edu.

1 * Source: Verizon 2020 Data Breach Investigations Report available at https://enterprise.verizon.com/resources/reports/dbir/

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SOURCE Selective Insurance Group, Inc.